iHear Medical has signed an agreement with Flex, whereby Flex will serve as the company's primary manufacturer and supplier as iHear Medical prepares to transition to mass production.
Hearing loss is a global problem of epidemic proportions with about 5% of the world's population, or approximately 360 million people, suffering from a disabling level of hearing loss, according to the World Health Organization (WHO).
The current supply of hearing aids serves less than 10% of global demand with over 90% of the hearing impaired going untreated due to persisting barriers, including high cost, complex dispensing procedures, and the stigma of visibly worn traditional hearing aids.
iHear Medical is pioneering discrete, web-enabled hearing solutions with over 44 U.S. and international patents issued and pending in its intellectual property portfolio.
The cloud-based platform developed by iHear Medical empowers consumers with clinically effective hearing solutions at a fraction of the cost of conventional products. With pricing for 100% digital hearing aids under $300 per device, the company brings the cost of advanced hearing aids in line with prescription eyeglasses.
Adnan Shennib, president and CEO of iHear Medical, commented: "We are excited to work with Flex to deliver products with the highest standards. Through collaboration with Flex and other global suppliers, iHear Medical plans to scale up sales in the United States before launching in China and other global markets in 2017."
Sumir Kapur, senior vice president in Flex's Consumer Technology Group, added: "We are thrilled that iHear Medical is joining the list of leading technology companies that have partnered with Flex for production of their unique and innovative products. We look forward to a fruitful partnership as we begin the process of manufacturing their high-end hearing aid."